La circolazione di quote di s.r.l. tra innovazione tecnologica e intestazioni “fiduciarie”.

Translated title of the contribution: [Autom. eng. transl.] The circulation of shares of s.r.l. between technological innovation and "fiduciary" headings.

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

[Autom. eng. transl.] The essay analyzes the alternative mode of circulation of the PMI PMI shares through the registration to financial intermediaries (art. 100-ter of the TUF) introduced by the equity crowdfunding legislation for innovative start-ups and extended after the circulation of the shares of all SME srls that have collected savings through portals. The first comments immediately highlighted the difficulty of systematically placing this institution, to which the legislator has dedicated only fragments of the discipline, with the consequence that the latter requires extensive integration by interpretation. In fact, the circulation system in question has some points of contact both with the circulation of dematerialized financial instruments and with the fiduciary heading, including that implemented with Monte Titoli spa at the beginning of the operations of this company. After having analyzed in particular the relationship between the intermediated circulation and the fiduciary registration, an aspect that previous studies had not yet studied in depth, the essay concludes due to the peculiar nature of the institution in question. It follows that its discipline can be integrated mainly through the use of general principles of the law of limited liability companies, while the contributions that can be obtained both from the rules of the circulation of dematerialized financial instruments, and from principles and practices from the fiduciary registration of equity investments appear marginal social.
Translated title of the contribution[Autom. eng. transl.] The circulation of shares of s.r.l. between technological innovation and "fiduciary" headings.
Original languageItalian
Title of host publicationDisciplina delle società e legislazione bancaria. Studi in onore di Gustavo Visentini, II, Società, interessi e tutele.
EditorsPalazzolo A. Nuzzo A.
Pages259-285
Number of pages27
Publication statusPublished - 2020

Keywords

  • Intestazione fiduciaria
  • S.r.l.
  • circolazione intermediata
  • quote

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